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CNBC Daily Open: Dow sinks 600 points, Nvidia soars
  + stars: | 2024-05-24 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow sinks 600 pointsThe Dow Jones Industrial Average suffered its worst day of the year, dropping over 600 points on Thursday. Nvidia's blockbuster earnings and guidance failed to prop up markets, with more than 400 stocks on the S&P 500 trading lower. Nvidia popsShares of Nvidia soared as much as 11% after the AI chipmaker's earnings that beat Wall Street's estimates. Wall Street analysts are revising their price targets for Nvidia upwards after its blowout earnings and guidance.
Persons: Jensen Huang, Dow, Musk, Elon Musk, he's, Joe Biden, Tesla, Karen Tso, Brian West, General Merrick Garland Organizations: SAP Center, CNBC, Dow Jones, Boeing, Dow, Nasdaq, Treasury, Nvidia, U.S . Department of Justice, Ticketmaster, Wall, Microsoft Locations: San Jose , California, China
America has a new favorite brand: Nvidia, the computer chip company that's helping power an artificial intelligence revolution. The result is a measurement "of the reputations of companies most on the minds of Americans," Axios wrote on Wednesday. Both Nvidia and second-place 3M — a multi-industry conglomerate based in Maplewood, Minnesota — were the only two companies on the list to score an "excellent" reputation. Other consumer brands from last year's top five — Costco, Trader Joe's and Chick-fil-A — rank 11th, 13th and 21st, respectively. 3 on last year's list, didn't qualify as one of the country's most-visible companies this year.
Persons: Axios Harris, Axios, Harris, Jensen Huang, Huang, Joe's, John Deere Organizations: Nvidia, Fidelity, Sony Adidas, Honda Motor Company Patagonia Apple Samsung, Google, Forbes, Maplewood , Minnesota —, Costco, Trump Organization, Spirit Airlines, Meta, Fox Corporation Locations: America, Maplewood , Minnesota, Patagonia
Jensen Huang, co-founder and CEO of Nvidia, during the Nvidia GPU Technology Conference in San Jose, California, on March 19, 2024. Five years ago, Nvidia CEO Jensen Huang owned a stake in his chipmaker worth roughly $3 billion. After Thursday's rally, which pushed the stock to a record, his holdings now stand at more than $90 billion. Nvidia shares have more than doubled this year after tripling in 2023. OpenAI does most of its AI development on Nvidia GPUs.
Persons: Jensen Huang, Huang, OpenAI Organizations: Nvidia, Technology, Microsoft, Google, Meta Locations: San Jose , California
While known for sizeable pullbacks in the past, the upward trajectory of Nvidia's stock last year and this year cannot be denied. We've been in Nvidia stock since 2019, years before the AI revolution was sparked by ChatGPT's viral moment shortly after its late 2022 launch. Through its Nvidia AI Enterprise service, Nvidia is in the process of building out a potentially massive software business. With that, let's think about Nvidia stock from the perspective of a long-term investor— and that's the key consideration, the investment horizon. At the beginning of the year, Nvidia stock traded at $481 per share on a $20.80 forward earnings estimate or a forward P/E multiple of 23 times.
Persons: We've, Jim, , Jensen Huang, Leonardo da Vinci, Jim —, it's, It's, you've, Nvidia's, Colette Kress, Tesla, Kress, Jim Cramer's, Jim Cramer, Josh Edelson Organizations: Nvidia, Club, Apple, Enterprise, Devices, Intel, Investing, GE, NVIDIA, CNBC, SAP Center, Afp, Getty Locations: San Jose , California
Nvidia shares jumped more than 10% on Thursday after the company on Wednesday reported earnings that topped Wall Street estimates and showed that there's still ferocious demand for its artificial intelligence chips. First-quarter revenue came in higher than expected at $26.04 billion compared with the LSEG estimate of $24.65 billion. The company issued strong guidance, saying it expects $28 billion in revenue for the current quarter, beating the LSEG estimate of $26.61 billion. Shares passed $1,000 for the first time, reaching an all-time high of $1,051.96 during intraday trading, and are up about 111% this year. Nvidia on Wednesday announced a 10-for-1 stock split, with shares set to begin trading on a split-adjusted basis at market open on June 10.
Persons: Jensen Huang, there's, Bernstein's Stacy Rasgon, Jefferies, Blackwell Organizations: Nvidia, Intelligence, SAP Center, Wednesday Locations: San Jose , California
Read previewTwo of the world's most important chip companies can push a "kill switch" remotely on their most advanced chipmaking machines should China invade Taiwan, Bloomberg reported on Tuesday, citing people familiar with the matter. The Netherlands's ASML — Europe's top tech company by market value — supplies advanced machines to chip-making companies. The US has also pressured the Netherlands to block some ASML exports to China to limit the country's ability to manufacture advanced chips. Rising concerns over Taiwan Strait developmentsThere are concerns about China's intensifying drills around Taiwan after Taiwan inaugurated its new President, William Lai — whom Beijing has branded as a separatist — on Monday. But Nvidia CEO Jensen Huang told Bloomberg TV on Tuesday that that the world's tech sector is likely to continue depending on Taiwanese manufacturing for "some time."
Persons: , Taiwan's, ASML, William Lai —, Li Xi, Jensen Huang Organizations: Service, Bloomberg, Business, East, Dutch, China's People's Liberation Army, Nvidia Locations: China, Taiwan, Washington, Beijing, Netherlands, Arizona, Japan, Germany
Read previewTwo of the world's most important chip companies can flip a "kill switch" remotely on their most advanced chipmaking machines should China invade Taiwan, Bloomberg reported on Tuesday, citing people familiar with the matter. The Netherlands's ASML — Europe's top tech company by market value — supplies advanced machines to chip-making companies. The US has also pressured the Netherlands to block some ASML exports to China to limit the country's ability to manufacture advanced chips. The Dutch company has also said it will stop servicing some equipment previously exported to China. Rising concerns over Taiwan Strait developmentsThere are concerns about China's intensifying drills around Taiwan after Taiwan inaugurated its new President, William Lai — whom Beijing has branded as a separatist — on Monday.
Persons: , Taiwan's, ASML, William Lai —, Li Xi, Jensen Huang, TSMC Organizations: Service, Bloomberg, Business, East, Dutch, China's People's Liberation Army, Nvidia Locations: China, Taiwan, Washington, Beijing, Netherlands, Arizona, Japan, Germany, ASML
Traditionally, value investing and growth investing are considered two distinct investment strategies. Value investors look for stocks they believe the market has undervalued and may be trading for less than their "intrinsic" value. Value investors often employ "bottom-up" investing, which focuses on individual companies rather than the overall market or industry. Growth investing focuses on companies expected to grow at an above-average rate compared to other companies. Is there a way to introduce a margin of safety to a growth stock using options?
Persons: Dan Ives, Jensen Huang, Vince Lombardi Organizations: Nvidia, Intel Locations: Wedbush
Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute's Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California. Tesla could use more of high-profile CEO Elon Musk's divided focus at a critical juncture for the electric vehicle industry, former board member Steve Westly said Thursday. And it appears now that Mr Musk's focus is in too many areas," Westly told CNBC at the annual VivaTech conference in Paris. Tesla could use more of it," said Westly, who is managing director of venture capital firm The Westly Group and an early Tesla investor. Just how much of a liability Musk is for Tesla, however, Westly said was "for the board to decide."
Persons: Elon Musk, Tesla, Elon Musk's, Steve Westly, Westly, Jensen Huang —, he's Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, CNBC Locations: Beverly Hills , California, Paris
Nvidia announced it is shipping its new Blackwell AI chip next quarter amid high demand. CEO Jensen Huang highlighted the strong interest in both Blackwell and current Hopper chips. "People want to deploy these data centers right now," CEO Jensen Huang told Yahoo Finance on Wednesday. "They want to put our GPUs to work right now, and start making money and start saving money. And so that demand is just so strong," Huang added, referring to graphics processing units.
Persons: Jensen Huang, Blackwell, , they're, Huang Organizations: Nvidia, Blackwell, Hopper, Service, Yahoo Finance, Business
The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.
Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, , Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, , PDD’s, Alibaba, Hangzhou, Beijing, China, European
Middle managers are becoming an endangered species in Corporate America, with some companies viewing the role as obsolete , writes Business Insider's Lindsay Dodgson. Remote work, tech efficiencies, and a general push to cut costs have contributed to middle managers' demise. It's a strategy Corporate America, particularly Big Tech, deployed in 2023. The "year of efficiency," as Mark Zuckerberg dubbed it, was all about flattening organizations, and middle managers were the ones getting squished . The death of middle managers could also fuel the current dismantling of another cohort: the middle class .
Persons: , Brooks Kraft, Insider's Lindsay Dodgson, millennials, Gen Zers haven't, Robyn Phelps, they're, Mark Zuckerberg, Gen, Jeffrey Gundlach, we're, Blackstone, Abanti Chowdhury, Jensen Huang, Hopper, Blackwell, Lilit, Tyler Le, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Brooks Kraft LLC, Getty, America, Big Tech, Citi, Street Journal, KKR, Meta, Google, Nvidia, Paragon Intel, National Association of Realtors, FAA Locations: Corporate America, millennials, New York, London
It looks like Jensen Huang wants to announce a new Nvidia chip ever year too. As demand for Nvidia's AI chips soars, Huang looks set to put chip release on a "one-year rhythm." AdvertisementJensen Huang knows the world simply can't get enough of his chips. Those eye-watering numbers signal that demand for Nvidia's specialty chips, known as GPUs, will not let up anytime soon. This story is available exclusively to Business Insider subscribers.
Persons: Tim Cook, Jensen Huang, Huang, Organizations: Apple iPhone, Nvidia, Service, Companies, Google, Business
Nvidia CEO Jensen Huang said the company's newest AI chip will start shipping next quarter. The Blackwell chip is twice as fast Nvidia's current Hopper chip. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In a gangbusters earnings call on Wednesday, Nvidia CEO Jensen Huang laid out an accelerated timeline for the deployment of Blackwell, the company's newest AI chip that is twice as fast as Nvidia's current iteration and boasts five times the AI performance. Huang unveiled the Blackwell chip earlier this year in March, but the company has been working on its production for some time now, he said this week.
Persons: Jensen Huang, Blackwell, Huang, Organizations: Nvidia, Hopper, Service, Business
Stocks are riding high heading into Nvidia's earnings results after the market close Wednesday. U.S. stock market benchmarks have been hovering near all-time highs. But Nvidia will test the sustainability of recent market highs given its huge size in broad market indexes, as well as its influence over investor psychology. Consider that the Jensen Huang-led company is in more than 6,000 long-only institutional funds, and in just 21 short-only funds, according to data from S & P Capital IQ. Beat and raise Many investors expect a strong showing from Nvidia will keep markets on their recent upward ascent.
Persons: Jensen Huang, Sam Stovall, Stovall, CFRA's Stovall, Piper Sandler, Harsh Kumar, Kumar, , Blackwell, Huang, Zachary Hill, Hill, We've, Chris Zaccarelli Organizations: Nasdaq, Dow Jones, Nvidia, CFRA, Microsoft, Investments, Independent
Jensen Huang, co-founder and chief executive officer of Nvidia Corp., during the Nvidia GPU Technology Conference (GTC) in San Jose, California, US, on Tuesday, March 19, 2024. Nvidia's most important clients for its graphics processing units are the big cloud providers — Amazon Web Services, Microsoft Azure, Google Cloud and Oracle Cloud. For example, CoreWeave, a GPU cloud, is currently quoting $4.25 per hour to rent an Nvidia H100. Huang said Meta has declared its intention to spend billions on 350,000 Nvidia chips, even though the company isn't a cloud provider. Meta's cluster of servers is an example of "essential infrastructure for AI production," Huang said, or, "what we refer to as AI factories."
Persons: Jensen Huang, There's, Nvidia's, Colette Kress, Kress, Huang, Meta, Blackwell, Elon Musk's xAI Organizations: Nvidia Corp, Nvidia, Technology Conference, Web Services, Microsoft, Google, Oracle, NVIDIA, Facebook, Meta, Tesla Locations: San Jose , California
The 61-year-old Silicon Valley veteran running Nvidia has overseen a $2 trillion surge in its value since the start of last year. Justin Sullivan/Getty ImagesThe hype behind Nvidia's chips is no joke. But competitors have been busy developing AI chips of their own to reduce reliance on Nvidia's increasingly expensive offerings. AMD CEO Lisa Su, who's Huang's cousin, is aiming to pry Nvidia customers away with a chip named the MI300X that costs between $10,000 and $15,000. If they succeed in using Triton, they could be one step closer to a future in which alternatives to Nvidia's chips are easier to use.
Persons: , Jensen Huang, Sam Altman, Mark Zuckerberg, Matt Bryson, Huang, isn't, Justin Sullivan, Taylor Swift, Nvidia's, Blackwell, Zuckerberg, Lisa Su, who's, Jensen, AMD, CUDA, OpenAI Organizations: Service, Silicon, Nvidia, Microsoft, Apple, Business, GTC, AMD, Google, Meta, Financial Times Locations: San Jose , California, Woodstock
Nvidia's Hopper chips include the H100, which was announced in 2022 and faced severe supply shortages last year as the AI gold rush intensified. Tuesday's AWS news represents a pushout in demand for Nvidia chips, not a loss of it. That would be the so-called "digestion" phase for AI chips that Wall Street has been speculating about since last year. If anything, AWS deciding to wait for the more-powerful Blackwell chips could mean the digestion phase is further out on the horizon than initially thought. Unlike last year, when Nvidia's chips were in such short supply, there are now rival chips out there, such as AMD's MI300X, which is angling for a corner of the inferencing market .
Persons: you've, it's, Jim Cramer, Hopper, Blackwell, Nvidia's Hopper, There's, Grace Hopper Superchip, Kimberly Powell, Powell, Jim Cramer's, Jim, Jensen Huang, Justin Sullivan Organizations: Nvidia, Blackwell, Amazon Web Services, CNBC, NVIDIA, AWS, Club, SAP Center Locations: Hopper, Ceiba, San Jose , California
In a Wednesday interview with CNBC's Jim Cramer, Snowflake CEO Sridhar Ramaswamy indicated the cloud data company will collaborate further with artificial intelligence darling Nvidia . There's a lot to come and Jensen's, of course, a visionary when it comes to AI," Ramaswamy said, referencing Nvidia chief Jensen Huang. Ramaswamy also said Snowflake's enterprise customer base is growing and described what the company can do for names like Kraft Heinz . For example, he said Snowflake's AI offerings can analyze customer feedback data to help determine automated responses to questions. "The era of enterprise AI is here, right here at Snowflake."
Persons: CNBC's Jim Cramer, Snowflake, Sridhar Ramaswamy, Ramaswamy, Jensen Huang, Huang, he's, Kraft Heinz Organizations: Nvidia, Cloud Summit Locations: San Francisco, Snowflake
Earnings Per Share : $6.12 adjusted vs. $5.59 adjusted, per LSEG consensus estimates. : $6.12 adjusted vs. $5.59 adjusted, per LSEG consensus estimates. Revenue: $26.04 billion vs. $24.65 billion expected by LSEG Nvidia said it expected sales of $28 billion in the current quarter. Wall Street was anticipating earnings per share of $5.95 on sales of $26.61 billion, according to LSEG. Nvidia said its data center category rose 427% from the year-ago quarter to $22.6 billion in revenue.
Persons: Jensen Huang, Blackwell, Nvidia, David Paul Morris, Colette Kress, Lama, Kress Organizations: Nvidia, Nvidia Corp, Technology Conference, Bloomberg, Getty, Google, Microsoft, Meta Locations: San Jose , California
Nvidia just keeps hitting it out of the park
  + stars: | 2024-05-22 | by ( Ana Altchek | ) www.businessinsider.com   time to read: +2 min
Nvidia released its fiscal first-quarter results on Wednesday and reported record quarterly revenues of $26 billion — outdoing analyst estimates for $24.65 billion. This story is available exclusively to Business Insider subscribers. Nvidia shared a solid forecast for the future, too, saying second-quarter revenue will be about $28 billion, also ahead of expectations. Nvidia also raised its quarterly dividend by 150%, from four to 10 cents per share, and announced a 10-for-1 stock split, effective next month. "We can expect that more bold innovative moves from Nvidia will help it maintain its industry position for the foreseeable future."
Persons: , Nvidia's, Blackwell, Colette Kress, Kress, Jensen Huang, Jacob Bourne, Bourne Organizations: Service, Nvidia, Business, Blackwell, Google, Microsoft, " Tech
Nvidia announced a 10-for-1 forward stock split in its fiscal first-quarter earnings report on Wednesday. Stock splits do nothing to change the financial fundamentals of a company but they so make each share cheaper, which can have a positive psychological effect on retail investors. Nvidia said the stock split will make ownership "more accessible to employees and investors," the release said. Nvidia shares closed on Wednesday at $949.50. Alphabet , Amazon and Tesla all orchestrated stock splits in 2022.
Persons: Jensen Huang Organizations: Nvidia Corp, Nvidia, Technology Conference Locations: San Jose , California
In what was the most anticipated quarter this earnings season, Nvidia far outpaced lofty expectations on the top and bottom lines. Adjusted gross margin of 78.9% also beat the Street's 77.2% estimate, according to market data platform FactSet. Through its Nvidia AI Enterprise service, Nvidia is in the process of building out a potentially massive software business. Nvidia said Tesla's use of Nvidia AI infrastructure "paved the way" for the "breakthrough performance" of full self-driving version 12. Kress expects sovereign AI revenue to approach the high single-digit billions of dollars this year from nothing last year.
Persons: Jensen Huang, Blackwell, here's, Jensen, it's, It's, Colette Kress, Kress, Hopper, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Nvidia, Revenue, Enterprise, Devices, Intel, Oracle, Microsoft, Infrastructure, Blackwell, Capital, CNBC, Nvidia Corp, Technology Conference, Bloomberg, Getty Locations: China, U.S, San Jose , California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDefiance ETFs CEO Sylvia Jablonski: This is Nvidia's year, and all eyes are on their earningsSylvia Jablonski, Defiance ETFs CEO and CIO, joins 'Squawk Box' to discuss why Nvidia's Jensen Huang is the voice of the current equity market, what happens next for equities, and more.
Persons: Sylvia Jablonski, Nvidia's Jensen Huang
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTaiwan's new president should keep strategy consistent on cross-strait relations: ProfessorKwei-bo Huang, professor of diplomacy at the National Chengchi University, and former Kuomintang deputy secretary-general, says "one of the best approaches" for newly sworn in Taiwan President Lai Ching-te's would be to maintain his predecessor's stance on cross-strait relations.
Persons: Kwei, Huang, Lai Ching Organizations: National Chengchi University Locations: Taiwan
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